Petroleum products sales decline by 22% due to price hike in September
Pakistan’s petroleum products (PoL) sales witnessed a sharp decline of 22 percent on a year-over-year (YoY) basis to stand at 1.5 million tons during September 2022 compared to 1.96 million tons during the month of September 2021.
The consumption of petrol in the country has decreased by 22% from July 2022 to September 2022.
Apart from this, a 30% decrease in diesel consumption has been recorded from July to September, while the According to Topline Securities, Furnace Oil (FO) sales plummeted by 24 percent, while High-Speed Diesel (HSD) offtake slid by 26 percent on a YoY basis in September. The sales of Motor Spirit (MS) also witnessed a decline of 22 percent on a YoY basis.
On a month-over-month (MoM) basis, the overall fuel sales did not vary much.
Notably, on October 01, Finance Minister Ishaq Dar slashed petrol price by Rs12.63 and High-Speed Diesel (HSD) by Rs12.13 for next 15 days.
Following the changes in the prices, petrol is now available at Rs224.80 per litre.
Meanwhile, there was also a decrease of Rs12.13 in the price of high-speed diesel, after which the new price stand at Rs235.30 per litre. The price of light diesel oil was Rs191.83 after a decrease of Rs10.19 per litre.
The Finance Minister said that the decision to reduce prices was taken after detailed consultation with Prime Minister Shehbaz Sharif.